Use the following information for the Exercises below. (Algo)

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[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31.

	Garcon Company	Pepper Company
Finished goods inventory, beginning	$ 13,300	$ 17,500
Work in process inventory, beginning	19,000	22,200
Raw materials inventory, beginning	9,800	12,750
Rental cost on factory equipment	34,500	23,200
Direct labor	20,400	37,800
Finished goods inventory, ending	17,600	15,600
Work in process inventory, ending	25,600	19,400
Raw materials inventory, ending	7,700	8,000
Factory utilities	9,750	17,750
General and administrative expenses	26,500	59,500
Indirect labor	10,600	12,020
RepairsFactory equipment	7,700	2,350
Raw materials purchases	48,000	66,500
Selling expenses	53,200	50,200
Sales	292,800	380,630
Cash	33,000	24,200
Accounts receivable, net	16,800	19,450

Part 1 Prepare income statements for both Garcon Company and Pepper Company.

GARCON COMPANY
Income Statement
For Year Ended December 31
Cost of goods sold:
Goods available for sale	0
Cost of goods sold		0
		$0

Pepper COMPANY
Income Statement
For Year Ended December 31
Cost of goods sold:
Goods available for sale	0
Cost of goods sold		0
		$0

Part 2 Prepare the current assets section of the balance sheet for each company.